Stellantis N.V. Overview
Stellantis N.V. is the fourth- or fifth-largest global automaker by unit volume (ranking varies by source and by whether heavy commercial vehicles are included), the product of the 50/50 cross-border merger of Fiat Chrysler Automobiles N.V. ("FCA") and France's Peugeot S.A. ("PSA") completed on 16 January 2021. It is a Dutch-incorporated holding company with a tri-listed equity, a Franco-Italian-American industrial base, and a portfolio of fourteen automotive brands plus two mobility arms.
Stellantis is a multi-brand, multi-region volume automaker that competes on portfolio breadth and regional depth rather than on technological leadership or premium pricing. Its structural strengths are a near-unmatched brand set spanning American truck and SUV franchises (Jeep, Ram, Dodge, Chrysler), European mass-market marques (Peugeot, Citroën, Opel/Vauxhall, FIAT), a dominant European light-commercial-vehicle business (Pro One), leadership positions in Brazil and Argentina, and a rapidly scaling captive finance arm. Its structural weakness is complexity: fourteen brands, six historic reporting segments, overlapping platforms and a cost base sized for a European volume base that has been shrinking. The 2025 financial year exposed that weakness violently — a €22.3 billion net loss, the first in the company's history, driven by €25.4 billion of charges as management wrote down an electrification programme premised on adoption curves that did not materialise. Stellantis today is a turnaround story with a credible new plan and an unproven execution record.
What the Company does. Stellantis designs, engineers, manufactures, distributes and sells passenger cars, light commercial vehicles, pickup trucks, SUVs and luxury vehicles, together with the engines, transmission systems, components and production systems that support them. It also provides retail and dealer financing, leasing and rental, insurance and value-added customer services; an after-market parts and services business (Mopar, and the SUSTAINera circular-economy line); a connected-data business (Mobilisights); and mobility services (Free2move, Leasys). The Company has industrial operations in more than 30 countries and sells vehicles directly or through distributors and dealers in more than 130 markets.
The Company's own characterisation. In its corporate boilerplate and in the FY2025 Annual Report, Stellantis describes itself as "a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders." This language is materially different from the framing used until 2024 — "one of the world's leading automakers aiming to provide clean, safe and affordable freedom of mobility to all," under the Dare Forward 2030 plan and the ambition to become "a sustainable mobility tech company." The rewording is the clearest single signal of the strategic reset: powertrain neutrality and customer choice have displaced electrification leadership as the organising idea.
Revenue model. Stellantis is overwhelmingly a product company. Revenue is recognised principally on the wholesale shipment of new vehicles to dealers and distributors, supplemented by: parts and services (a high-margin annuity on a global car parc); sales of components, engines and production systems to third parties and joint ventures; licensing and royalty income (notably from Dongfeng Peugeot Citroën Automobiles in China, which manufactures Citroën- and Peugeot-branded vehicles under licence); used-vehicle and remarketing income; and financial services revenue (interest, lease income and fee income) from consolidated captives and from equity-accounted joint ventures. Subscription and software-derived revenue exists but is not separately disclosed as a reporting line; the €20 billion 2030 software revenue ambition articulated under Dare Forward 2030 has not been reaffirmed in the FaSTLAne 2030 framework, and no updated software revenue target was disclosed at Investor Day 2026.
Value-chain position. Stellantis is a vertically broad OEM: it owns design, engineering, powertrain manufacture, vehicle assembly, a captive parts and aftersales network, and — increasingly — captive finance. It is deliberately not vertically integrated into cells: battery capacity is held through joint ventures (ACC in Europe with Mercedes-Benz and TotalEnergies; StarPlus Energy with Samsung SDI in Indiana; a CATL joint venture in Zaragoza), and the Company exited NextStar Energy (Windsor, Ontario) entirely in March 2026 by selling its 49 percent interest to LG Energy Solution. In software and autonomy, the FaSTLAne 2030 posture is explicitly partnership-led rather than build-it-alone.
Customer types and end-markets. Retail consumers (the dominant channel, and the channel management is explicitly prioritising over fleet in North America); commercial and fleet customers (Pro One is the European light-commercial-vehicle leader); rental and leasing companies; government and municipal fleets; and — through Leapmotor International, Tofas and DPCA — partner-channel distribution. End-markets are principally North America (US, Canada, Mexico), Enlarged Europe (EU30 plus adjacent markets), South America (Brazil, Argentina, Chile and others), Middle East & Africa (Türkiye, Algeria, Morocco, Egypt, GCC), and a deliberately asset-light Asia Pacific position.
Independent characterisation. Stellantis is best understood as three quite different businesses stapled together. First, a North American truck-and-SUV franchise with structurally high unit economics when volumes and mix cooperate — and which produced a €1.9 billion adjusted operating loss in 2025 when they did not. Second, a European volume business with weak pricing power, high fixed cost, chronic overcapacity (roughly 60 percent utilisation, per the FaSTLAne 2030 disclosure) and a persistent negative adjusted operating margin. Third, a genuinely high-return emerging-markets business — South America and Middle East & Africa together generated €3.4 billion of adjusted operating income in 2025 on €25.9 billion of revenue, a blended margin above 13 percent, while the two core regions lost money. A fourth engine, Stellantis Financial Services, is now managing more than €85 billion of net receivables and is targeted to contribute more than €1.5 billion of adjusted operating income by 2030. Any credible investment case for Stellantis rests on whether the first business can be repaired and the second can be shrunk to fit.
Strategy
FaSTLAne 2030 — the stated strategy
Presented on 21 May 2026 at Auburn Hills, FaSTLAne 2030 is a €60 billion, five-year (2026–2030) plan. The Company frames its purpose as "to move people with brands and products they love and trust." The CEO's framing at launch: the plan is designed to leverage "the muscle of global scale, unmatched brands that connect and inspire, the deep local roots of our regions and dealer partners," together with "the accelerating and amplifying benefits of our 'win-win' partnerships."
The six pillars, verbatim as published:
-
Sharper management of unparalleled brand portfolio
-
Investment in global platforms, powertrains and technology
-
Partnerships complementing Stellantis' core strengths
-
Manufacturing footprint optimization
-
Excellence in execution
-
Empowerment of regions and local teams
Capital allocation. More than €60 billion over 2026–2030, split approximately 60 percent to brands and products (€36 billion) and 40 percent to global platforms, powertrains and technologies (more than €24 billion). Of the €36 billion brand/product envelope, 60 percent is allocated to North America. Approximately 70 percent of brand and product investment goes to the four global brands plus Pro One.
FaSTLAne 2030 financial targets
| Target | Metric |
|---|---|
| Net revenues 2028 | EUR 175 billion |
| AOI margin 2028 | 5 percent |
| Net revenues 2030 | EUR 190 billion (from EUR 154 billion in 2025) |
| AOI margin 2030 | 7 percent |
| Industrial free cash flow 2027 | Positive |
| Industrial free cash flow 2030 | EUR 6 billion |
| Cost reduction run-rate by 2028 versus 2025 | EUR 6 billion, via the Value Creation Program, increasing further through 2030 |
| Stellantis Financial Services AOI contribution 2030 | More than EUR 1.5 billion |
| Region | Revenue growth target to 2030 | AOI margin target |
|---|---|---|
| North America | 25 percent | 8 to 10 percent |
| Enlarged Europe | 15 percent | 3 to 5 percent |
| South America | 10 percent | 8 to 10 percent |
| Middle East and Africa | 40 percent | 10 to 12 percent |
| Asia Pacific | 100 percent | 4 to 6 percent |
Regional targets under the plan:
Operational targets: vehicle development cycles cut to approximately 24 months from up to 40 months today; top-quartile quality performance in all regions; European capacity utilisation from approximately 60 percent to approximately 80 percent; US utilisation to approximately 80 percent; more than 120 AI applications already deployed across operations, with AI positioned as the principal execution enabler.
FY2026 guidance (reaffirmed 30 July 2026)
| Guidance item | FY2026 |
|---|---|
| Net revenues | Mid-single-digit percent increase |
| AOI margin | Low-single-digit percent |
| Industrial free cash flows | Improved year-over-year; positive expected in 2027 |
| Net tariff headwind | EUR 1.0 to 1.2 billion (revised down from EUR 1.6 billion) |
| Cash payments related to H2 2025 charges | Approximately EUR 2 billion, of which EUR 0.9 billion paid in H1 |
| Capex plus R&D | 6.5 to 7.0 percent of net revenues |
| Phasing | H2 weighted toward Q4 after the Q3 summer production shutdown |
Strategic initiatives announced in the last 24 months
| Date | Initiative |
|---|---|
| Jan 2025 | Initial US investment commitments announced (Kokomo GMET4 EVO; Detroit Jefferson Durango; Belvidere reopening) |
| Apr 2025 | STM Financial investment in Mexico (20.6 percent, rising toward 49.9 percent) — direct financial services expansion |
| H1 2025 | Hydrogen fuel-cell strategy discontinued |
| 14 Oct 2025 | US$13 billion, four-year US manufacturing programme; 50 percent US production increase; five new vehicles and 19 product actions by 2029; more than 5,000 jobs |
| 28 Oct 2025 | NVIDIA / Uber / Foxconn Level 4 autonomous vehicle collaboration |
| 6 Feb 2026 | Business reset: €22.2 billion of H2 2025 charges; product plan and EV supply chain realigned; regional decision-making empowered; dividend suspended; up to €5 billion hybrid issuance authorised |
| Mar 2026 | €5 billion of hybrid perpetual notes issued in three tranches |
| Apr 2026 | Transition to quarterly reporting |
| 8 May 2026 | Leapmotor partnership deepened into joint European manufacturing |
| 18 May 2026 | Accenture strategic initiative on AI-enabled digital twins |
| 20 May 2026 | JLR memorandum of understanding on US product development |
| 21 May 2026 | FaSTLAne 2030; STLA One architecture; Wayve, Qualcomm and Applied Intuition partnerships |
| 28 May – 4 Jun 2026 | Pro One strategy update and global unification |
| 2 Jun 2026 | €400 million Mulhouse investment plus €500 million STLA One R&D |
| 17 Jun 2026 | Wayve/Uber Level 4 robotaxi partnership |
| 14 Aug 2026 | Belvidere investment raised above US$800 million; next-generation Cherokee confirmed as the first US STLA One vehicle |
| Ongoing | Value Creation Program — multi-year cost programme led by Chief Performance Officer Pablo Di Si, targeting €6 billion of annual run-rate cost reduction by 2028 versus a 2025 baseline |
Note that FaSTLAne 2030 does not restate the Dare Forward 2030 electrification mix targets (100 percent BEV in Europe, 50 percent in the US by 2030); those have effectively been superseded by the powertrain-neutral product plan.
Products & Services
Brand architecture under FaSTLAne 2030
| Tier | Brands | Role and capital treatment |
|---|---|---|
| Global brands | Jeep, Ram, Peugeot, FIAT | Greatest scale and highest profitability potential; multi-regional presence; "natural first launchers" for all new global assets. Together with Pro One, they receive approximately 70 percent of the plan's brand and product investment |
| Regional brands | Chrysler, Dodge, Citroën, Opel (and Vauxhall in the UK), Alfa Romeo | Strong in their respective core markets; benefit from the same global platforms and powertrains; the mandate is increased brand distinctiveness rather than geographic expansion |
| Specialty brands | DS Automobiles, Lancia | Historic brands prominent in France and Italy respectively; managed by the Citroën and FIAT organisations rather than as standalone units |
| Luxury | Maserati | Retained as a pure luxury brand; two new E-segment vehicles planned; a detailed roadmap is to be presented in Modena in December 2026 |
| Performance sub-brand | Abarth | Managed under the FIAT organisation (Olivier François is CEO of both FIAT and Abarth) |
At Investor Day on 21 May 2026 Stellantis formally re-tiered its fourteen automotive brands. This is the single most consequential portfolio decision since the merger, because it determines capital allocation for the 2026–2030 period.
Brand-by-brand catalogue
Jeep — Global SUV and off-road brand; the volume and margin anchor of North America. Named products currently central to the plan: Grand Cherokee (approximately 210,000 US units in 2025, the volume pillar; refreshed 2027 lineup announced June/August 2026 including Trailhawk and Overland variants), Wrangler (2027 Sarge edition unveiled 12 June 2026; a two-door Wrangler Scrambler is planned), Gladiator, Grand Wagoneer (Q2 2026 US retail sales up 43 percent; an extended-range hybrid version is due before end-2026), Compass (next generation; production redirected to Belvidere, Illinois), Cherokee (relaunched for the 2026 model year at Toluca, Mexico — a decisive re-entry into the mid-SUV segment; the next-generation Cherokee will be the first US vehicle on STLA One, at Belvidere), Avenger (European Car of the Year 2023), Recon (originally a pure BEV, now to receive a combustion option), Wagoneer S (all-electric; sold just under 11,000 units in 2025 — a key data point in the reset), Meridian (produced in India). Recall exposure in 2026 has been concentrated here: more than 1.3 million Wranglers and Gladiators were recalled in June 2026 over electric power-steering pump wiring with fire risk (72 potential fires, one injury reported).
Ram — Global pickup and commercial brand. Ram 1500 (Q2 2026 US retail up 9 percent), the Ram 1500 HEMI V8 and Express models relaunched in late 2025 — the most visible symbol of the powertrain reversal; Ram 1500 TRX SRT; Ram 2500/3500 heavy duty; ProMaster and ProMaster EV vans; Ram Dakota, a mid-size pickup anchoring the South American lineup and returning to North America; an all-new mid-size truck to be assembled at Toledo, Ohio from 2028 (US$400 million, approximately 900 jobs). The electric Ram pickup programme was cancelled in 2025.
Peugeot — Global European brand; core products the 208/e-208, 2008, 308, 3008 and 5008 (first products on STLA Medium, with up to 700 km range on the E-3008), 408, and the Partner/Rifter/Expert/Traveller/Boxer commercial range. Two Peugeot models are to be co-developed with Dongfeng under the DPCA joint venture for China and other regions.
FIAT — Global volume brand and the group's affordability engine. Panda/Grande Panda, 500 and 500 Hybrid (launched at Mirafiori, Turin, November 2025 — a direct reversal of the BEV-only 500e strategy), 600, Pulse, Fastback, Strada, Toro, Titano, Argo, Cronos, Ducato, Doblò, Scudo, Topolino (quadricycle). FIAT is the market leader in Brazil.
Chrysler — US regional brand. Pacifica and Pacifica Plug-in Hybrid (Q2 2026 US retail up 7 percent; a 2027 "Acronyms" marketing campaign launched August 2026), Voyager, Grand Caravan. The 300 was discontinued in 2023.
Dodge — US performance brand. Charger SIXPACK (2026 North American Car of the Year; the ICE muscle-car re-entry), Charger Daytona (BEV; the Factorial solid-state development vehicle), Durango (Q2 2026 US retail up 9 percent; next generation to be built at Detroit Assembly Complex – Jefferson from 2029 on a US$130 million investment), Hornet. A 600-horsepower 2027 Charger Super Bee and a factory-customisation programme were announced in August 2026.
Citroën — European regional brand and, under FaSTLAne 2030, the manager of DS. C3/ë-C3 (the €23,300 launch price made it the most competitively priced B-segment EV produced in Europe), C3 Aircross, C4, C5 Aircross and C5 Aircross BEV, Berlingo, Jumpy, Jumper, Ami (quadricycle), and the Chinese-market range built by DPCA.
Opel / Vauxhall — German and British regional brands sharing a product set. Corsa, Astra, Mokka, Frontera (a 2025 volume driver), Grandland (the first Stellantis model in Europe to adopt a monocoat paint process, saving around 80,000 litres of water per month and approximately 580 tonnes of CO2 annually), Combo, Vivaro, Movano, Rocks-e. A new all-electric Opel C-SUV built on Leapmotor architecture and LFP battery technology is to be produced at Zaragoza.
Alfa Romeo — Premium regional brand. Giulia, Stelvio, Tonale, Junior. Alfa Romeo platform assets were impaired in H1 2025 (part of a €578 million platform impairment shared with Maserati).
DS Automobiles — French specialty brand, now managed by Citroën. DS 3, DS 4, DS 7, DS 9.
Lancia — Italian specialty brand, now managed by FIAT. Ypsilon (produced at Figueruelas/Zaragoza).
Maserati — Luxury. Grecale, GranTurismo, GranCabrio, MC20/MCPura, Quattroporte successor pending. FY2025 shipments 7,900 units (down 30 percent), revenue €726 million, AOI loss €198 million (–27.3 percent margin). Goodwill of €514 million was impaired in 2024 and platform assets of €613 million in 2025. Two new E-segment vehicles are committed; the roadmap is due in December 2026.
Abarth — Performance derivative of FIAT.
Mobility, financial services and adjacent businesses
| Business | Description |
|---|---|
| Stellantis Pro One | Global commercial-vehicle business unit; No. 1 in Europe; unified as a global business unit in North America on 4 June 2026; strategy update published 28 May 2026 positioning it as a "full ecosystem provider" for professional customers; unveiled a "Box-on-Wheels" autonomous logistics concept |
| Stellantis Financial Services (SFS) | Captive finance across five established captives and six joint ventures; more than €85 billion of net receivables managed (per Investor Day 2026); US operation is the primary growth vector; targets more than €1.5 billion of AOI contribution in 2030 with mid-term ROE in line with industry benchmarks. Includes SFS U.S., SFS Europe joint ventures with Santander/BNP Paribas/Crédit Agricole, and the 23.4 percent STM Financial stake in Mexico (rising toward 49.9 percent) |
| Leasys | Multi-brand leasing and rental, principally in Europe; a joint venture with Crédit Agricole Consumer Finance |
| Free2move | Mobility services, car-sharing, fleet management and charging (Free2move Charge). Impairments were recognised against the Free2move business within "Other activities" in FY2025 |
| Mopar | Global parts, accessories and service brand; more than 85 years old; operates a global parts-distribution network including the AutoStore-automated Brampton, Ontario PDC opened July 2024 |
| SUSTAINera | Circular-economy line (remanufacturing, reconditioning, dismantling, parts reuse); first Circular Economy Hub opened at Mirafiori, Italy in 2023 |
| Mobilisights | Connected-vehicle data business |
| Stellantis Design Studio / Stellantis Ventures | Design services arm and corporate venture capital arm (founded March 2022) |
| Comau | Industrial automation; majority stake divested to One Equity Partners, with Stellantis retaining a minority interest — a dilution gain on the Comau investment was recognised in Q2 2026 |
| Teksid | Cast-iron components subsidiary; Virgilio Cerutti serves as CEO |
Platforms and technology stack
| Asset | Description and status |
|---|---|
| STLA Small | Smallest of the four original BEV-by-design platforms; underpins Smart Car derivatives |
| STLA Medium | Launched 2023–2024 on the Peugeot E-3008; best-in-class range up to 700 km |
| STLA Large | Launched 2024; underpins Dodge Charger Daytona and Jeep Wagoneer S |
| STLA Frame | Third all-new multi-energy platform; announced best-in-class 690-mile electrified range or 500-mile BEV range with towing and payload capability |
| Smart Car platform | High-volume global small-car architecture (Citroën C3/ë-C3, FIAT Grande Panda, Opel Frontera) |
| STLA One | Unveiled 21 May 2026. New global modular architecture designed from inception for maximum commonality and multiple powertrains; to underpin more than two million vehicles by 2035. By 2030, 50 percent of global annual volumes will be produced on three global platforms including STLA One. First US application: next-generation Jeep Cherokee at Belvidere (pilot H1 2028) |
| STLA Brain | Scalable central compute and software architecture; developed with Applied Intuition; launch 2027 |
| STLA SmartCockpit | In-vehicle experience and human-machine interface layer; Applied Intuition partnership; launch 2027 |
| STLA AutoDrive | Scalable automated driving system; Wayve's AI Driver integrated to enable hands-free supervised Level 2++ urban and highway driving; launch 2027, deployment from 2028. By 2030, 35 percent of global annual volumes are to carry at least one of these three technologies, rising to more than 70 percent by 2035 |
| L4-Ready Platforms | Vehicle platforms engineered for Level 4 autonomy, being taken to market with Wayve and Uber, and separately with NVIDIA, Uber and Foxconn |
| GMET4 EVO | All-new four-cylinder engine; production begins 2026 at Kokomo, Indiana (investment more than US$100 million, more than 100 jobs) |
Powertrain plan to 2030. More than 60 new vehicle launches and approximately 50 significant refreshes across all brands: 29 battery-electric vehicles, 15 plug-in hybrid or range-extended electric vehicles, 24 hybrid electric vehicles and 39 internal-combustion or mild-hybrid vehicles. By 2030 nearly 50 percent of global annual volumes will use multi-regional powertrain solutions. Pricing is not disclosed at model level; the only pricing commitment made public is the North American plan for seven new products below US$40,000 and two below US$30,000.
Financial Narrative
Income statement and headline performance: notes and sources
Notes: FY2021 is on the Company's published pro forma basis (as if the merger completed 1 January 2020); the Company communicated "€152 billion," "€18.0 billion," "€13.4 billion" and "€6.1 billion," which are shown here rounded. FY2022 and FY2023 net profit are shown at the rounded values published in the results releases (€16.8 billion and €18.6 billion). FY2024 and FY2025 figures are as reported in the FY2025 results release. FY2024 industrial free cash flow is the restated figure. Net margins are computed by the analyst.
Revenue CAGR (computed): FY2021 to FY2025, approximately +0.2 percent per annum on the pro forma FY2021 base — effectively flat across five years, masking a violent boom-and-bust profile. From the FY2023 peak, the two-year CAGR is –10.0 percent per annum.
Additional income-statement detail (FY2025 and FY2024, Company-reported):
Adjusted diluted EPS, longer series: FY2022 €5.99; FY2023 €6.42; FY2024 €2.48; FY2025 –€0.42.
Gross profit and EBITDA. Stellantis does not present a gross profit subtotal or an EBITDA measure. From the H1 disclosures, gross profit (net revenues less cost of revenues) was €9,203 million in H1 2026 (11.3 percent of revenue) versus €5,994 million in H1 2025 (8.1 percent). Depreciation and amortisation was €3,164 million in H1 2026 and €3,582 million in H1 2025.
Composition of the FY2025 charges
Of the €22.2 billion of charges announced on 6 February 2026 and booked in H2 2025, approximately €6.5 billion is cash, payable over four years, of which approximately €2 billion falls in 2026 (€0.9 billion had already been paid by 30 June 2026). Platform impairments were concentrated in North America (€5,700 million), Maserati (€613 million) and Enlarged Europe (€270 million). The contractual-warranty re-estimation of €4,130 million — €3,252 million in North America and €878 million in Enlarged Europe — was attributed by the Company to cost inflation and "a deterioration in quality, as a result of operational choices, which did not deliver the expected quality performance." That sentence is, in effect, management's own indictment of the prior regime.
Balance sheet: notes and sources
Total equity for FY2025 is computed as total assets less total liabilities.
Working capital. Stellantis structurally operates with negative working capital: vehicles are typically paid for within days of shipment while supplier payables lag. Management explicitly flags this as an amplifier of downside — in periods of falling shipments the Company continues paying suppliers for components bought at higher volumes. H1 2026 saw a €930 million net working-capital absorption (inventories +€1,301 million on pre-shutdown build, trade receivables +€1,592 million, other –€1,370 million largely tariff-related, offset by trade payables +€3,333 million).
Provisions. Product warranty and recall campaign provisions stood at €14,124 million at 31 December 2025 — a figure that, at roughly 9 percent of annual revenue, is the single most important balance-sheet number for anyone underwriting the turnaround. Capital commitments to joint ventures totalled €1.7 billion covering the period to 2029.
Cash flow
Buybacks: €1.5 billion open-market programme executed in 2023 plus the €934 million Dongfeng block; a €3.0 billion programme was authorised for 2024. No buyback is currently authorised or running; total shareholder returns in 2023 were €6.6 billion, versus €4.3 billion in 2022 and nil in 2026.
Ratio analysis: notes and sources
ROE and ROA are computed on average balances. These are marked as not publicly disclosed in the form requested. The Company's own preferred leverage framing is the industrial net financial position (a €10.0 billion net cash position at 30 June 2026) and industrial available liquidity as a percentage of trailing twelve-month net revenues (27 percent at 30 June 2026, inside the targeted 25–30 percent band).
Trend commentary and inflections
2021–2023: the synergy harvest. Merger synergies were the dominant earnings driver, reaching €7.1 billion of net cash benefit by end-2022 against a €5.0 billion steady-state target set for 2024. Combined with post-pandemic supply scarcity and exceptional pricing power in North America, this produced margins (13.0 percent in 2022, 12.8 percent in 2023) that were structurally above what the underlying business could sustain. Headcount fell by approximately 50,000 from merger to early 2025, a 17 percent reduction.
2024: the inflection. The strategy of prioritising price over volume broke. US dealer inventory ballooned, forcing a destocking programme that removed 268,000 units of inventory (20 percent of US dealer stock) but at the cost of a 12 percent shipment decline and a 17 percent revenue decline. AOI fell 64 percent; industrial free cash flow swung to negative €6.0 billion. The CEO resigned on 1 December 2024.
2025: the reset. Revenue fell a further 2 percent, but the composition inverted mid-year: H1 revenue was down 13 percent, H2 revenue up 10 percent with shipments up 11 percent and North America up 39 percent. The adjusted operating loss of €842 million and the €25.4 billion of charges were largely non-cash. Industrial free cash flow improved 25 percent to negative €4.5 billion, with H2 at negative €1.5 billion — a 73 percent improvement on H2 2024.
2026 year-to-date: early validation. H1 2026 net revenues rose 9.9 percent to €81.6 billion, AOI more than tripled to €1,733 million (2.1 percent margin), net profit swung to €670 million from a €2,256 million loss, and industrial free cash outflow narrowed from €3,005 million to €921 million. Total R&D expenditures fell 5.6 percent year-on-year to €2,942 million even as expensed R&D rose 18.3 percent — a mechanical consequence of the 2025 impairments removing platforms from capitalisation eligibility. Capitalised development fell to 43.3 percent of total R&D from 54.7 percent, which improves earnings quality but pressures reported costs.
The persisting problems. Enlarged Europe remains loss-making at the AOI line (–€86 million in H1 2026, marginally worse than H1 2025). South America's margin compressed 530 basis points and its market share fell 350 basis points, with Brazil down 310 basis points and Argentina down 520 basis points — a serious erosion in the group's most profitable volume market. The effective tax rate rose to 35.5 percent in H1 2026 from 21.4 percent because losses in certain jurisdictions no longer generate deferred tax benefit, and management has explicitly flagged that further deferred-tax-asset derecognition "could materially impact future results."
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net revenues (EUR Mn) | 152,000 | 179,592 | 189,544 | 156,878 | 153,508 |
Adjusted operating income (EUR Mn) | 18,000 | 23,300 | 24,300 | 8,648 | -842 |
Adjusted operating income margin (percent) | 11.8 | 13.0 | 12.8 | 5.5 | -0.5 |
Net profit (EUR Mn) | 13,400 | 16,800 | 18,600 | 5,520 | -22,332 |
Net margin (percent) | 8.8 | 9.4 | 9.8 | 3.5 | -14.5 |
Industrial free cash flows (EUR Mn) | 6,100 | 10,800 | 12,858 | -6,045 | -4,525 |
Dividend per common share (EUR) | 1.04 | 1.34 | 1.55 | 0.68 | 0.00 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansIncome Statement and Per-Share Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Operating income/(loss) IFRS (EUR Mn) | 3,687 | -26,254 |
Net financial expenses/(income) (EUR Mn) | -345 | 351 |
Tax expense/(benefit) (EUR Mn) | -1,488 | -4,273 |
Total adjustments excluded from AOI (EUR Mn) | 4,961 | 25,412 |
Diluted EPS (EUR) | 1.84 | -7.75 |
Adjusted diluted EPS (EUR) | 2.48 | -0.42 |
Weighted average diluted shares (thousands) | 2,975,820 | 2,886,684 |
Cash flows from operating activities (EUR Mn) | 1,535 | -4,650 |
Adjustment Details
| Adjustment (EUR Mn) | FY2025 |
|---|---|
Costs related to product plan realignments and program cancellations | 9,072 |
Platform impairments | 6,583 |
Change in estimate for contractual warranties | 4,130 |
Battery joint venture rationalisation | 2,054 |
Hydrogen fuel cell program discontinuation | 1,094 |
Restructuring and other costs net of reversals | 913 |
Takata airbags recall campaign | 622 |
CAFE penalty rate | 269 |
Stellantis Turkiye disposal | 246 |
Other impairments | 243 |
Other | 186 |
Total adjustments | 25,412 |
Balance Sheet
| Metric (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Total assets | 186,156 | 202,128 | 207,607 | 195,153 |
Total liabilities | 113,774 | 120,008 | 125,492 | 141,152 |
Total equity | 72,382 | 82,120 | 82,115 | 54,001 |
Cash and cash equivalents | 46,433 | 43,669 | 34,100 | 30,146 |
Goodwill and intangibles with indefinite useful lives | 31,738 | 30,994 | 0 | 0 |
Other intangible assets | 19,006 | 20,625 | 0 | 0 |
Inventories | 17,360 | 21,414 | 0 | 0 |
Key Financials
| Metric (EUR Mn) | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Total debt with third parties | 37,227 | 45,947 | 52,062 |
Cash and cash equivalents | 34,100 | 30,146 | 33,697 |
Financial securities | 4,468 | 1,362 | 880 |
Group net financial position | 2,406 | -13,655 | -16,382 |
Industrial net financial position | 15,128 | 6,694 | 10,035 |
Total available liquidity | 51,780 | 49,795 | 48,420 |
Industrial available liquidity | 49,481 | 45,711 | 44,145 |
Undrawn committed credit lines | 12,915 | 18,287 | 13,839 |
Cash Flow
| Metric (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Cash flows from operating activities | 1,535 | -4,650 |
Financial services operating cash flows removed | -5,209 | -9,700 |
Capex and capitalised R and D for industrial activities | 10,761 | 9,090 |
Proceeds from disposal of assets | 303 | 591 |
Equity contributions to joint ventures and minor acquisitions | 2,376 | 1,116 |
Industrial free cash flows | -6,045 | -4,525 |
Cash Flow (Half-Yearly)
| Metric (EUR Mn) | H1 2025 | H1 2026 |
|---|---|---|
Net cash from operating activities | -2,287 | -2,887 |
Net cash from investing activities | -2,146 | -3,020 |
Net cash from financing activities | 1,937 | 9,049 |
Industrial free cash flows | -3,005 | -921 |
Dividends paid | 1,962 | 0 |
Investment in PPE and intangibles | 4,447 | 2,744 |
Margin Analysis (%)
| Ratio (percent unless noted) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Return on equity computed | 24.1 | 6.7 | -32.8 |
Return on assets computed | 9.6 | 2.7 | -11.1 |
Debt to equity computed times | 0.0 | 0.45 | 0.85 |
Net margin computed | 9.8 | 3.5 | -14.5 |
AOI margin reported | 12.8 | 5.5 | -0.5 |
Region net revenues (EUR Mn)
| Region net revenues (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
North America | 63,450 | 60,962 |
Enlarged Europe | 59,010 | 57,773 |
Middle East and Africa | 10,097 | 9,709 |
South America | 15,863 | 16,197 |
China India and Asia Pacific | 1,993 | 1,868 |
Maserati | 1,040 | 726 |
Region year over year growth (percent)
| Region year over year growth (percent) | FY2025 | H1 2026 |
|---|---|---|
North America | -3.9 | 21.2 |
Enlarged Europe | -2.1 | 0.8 |
Middle East and Africa | -3.8 | -0.2 |
South America | 2.1 | 2.4 |
Asia Pacific | -6.3 | -7.5 |
Market share (percent)
| Market share (percent) | H1 2025 | H1 2026 |
|---|---|---|
North America | 7.1 | 7.6 |
United States | 7.3 | 7.9 |
Enlarged Europe | 16.2 | 16.0 |
EU30 | 17.0 | 16.7 |
Middle East and Africa | 11.5 | 11.9 |
South America | 23.5 | 20.0 |
Brazil | 30.1 | 27.0 |
Argentina | 32.7 | 27.5 |
Asia Pacific | 0.3 | 0.3 |
Valuation Snapshot
| Metric | Value |
|---|---|
NYSE closing price, 19 Aug 2026 | USD 5.43 |
NYSE closing low, 19 Aug 2026 | USD 5.12 (ten-year closing low) |
52-week range | USD 5.05 to USD 12.22 |
All-time closing high | USD 25.27 on 25 March 2024 |
Year-to-date 2026 performance | Down more than 50 percent |
One-year performance | Approximately –36 percent to –45 percent depending on measurement date |
Three-year performance | Substantially negative; the stock traded above USD 25 in March 2024 |
Five-year performance | Negative; market capitalisation was approximately USD 51 billion on 18 January 2021 |
Valuation Multiples
| Multiple | Stellantis, latest |
|---|---|
P/E (TTM) | Negative, approximately -0.68 (EPS TTM -7.69) |
EV/EBITDA | Not meaningful; EBITDA not disclosed |
EV/Sales | Approximately 0.1 times on an enterprise-value basis including group net debt of EUR 16.4 billion, computed |
Price/Book | Approximately 0.25 to 0.3 times on FY2025 equity of EUR 54.0 billion, computed |
Dividend History
| Fiscal year | Dividend per common share EUR | Notes |
|---|---|---|
| 2021 | 1.04 | Approximately EUR 3.3 billion total |
| 2022 | 1.34 | Approximately EUR 4.2 billion total |
| 2023 | 1.55 | Up approximately 16 percent; paid 3 May 2024 |
| 2024 | 0.68 | Approximately 5 percent yield at declaration; paid 5 May 2025 |
| 2025 | 0.00 | Suspended. The Board authorised suspension of the 2026 dividend to preserve the balance sheet |
Credit Ratings
| Agency | Rating | Outlook | Date and action |
|---|---|---|---|
Moody's | Baa3 (long-term issuer, senior unsecured, backed senior unsecured); (P)P-3 short-term | Stable (revised from negative) | 10 Feb 2026, downgraded from Baa2. Previously cut Baa1 to Baa2 in May 2025 and moved to negative outlook in October 2025. Moody's describes the Baa3 rating as "currently weakly positioned" |
S&P Global Ratings | BBB- (issuer credit and senior unsecured) | Negative | Feb 2026, downgraded from BBB. Had previously cut BBB+ to BBB |
Morningstar DBRS | BBB (issuer and senior unsecured; also Stellantis Finance US Inc.) | Negative | 23 Jan 2026, downgraded from BBB (high) |
Components
| Component | Group | Industrial activities | Financial services |
|---|---|---|---|
Capital market instruments | 27,295 | 19,827 | 7,468 |
Bank debt | 2,281 | 623 | 1,658 |
Other debt including securitisations | 19,424 | 314 | 19,110 |
Lease liabilities | 2,593 | 2,567 | 26 |
Accrued interest and other adjustments | 469 | 325 | 144 |
Total debt with third parties | 52,062 | 23,656 | 28,406 |
Capital Instruments
| Instrument | Amount | Coupon to first reset | Non-call period | First reset date |
|---|---|---|---|---|
Perpetual Fixed Rate Resettable Capital Securities | EUR 2.2 billion | 6.250 percent | 5.25 years | 16 June 2031 |
Perpetual Fixed Rate Resettable Capital Securities | EUR 1.8 billion | 6.875 percent | 8 years | 16 March 2034 |
Perpetual Fixed Rate Resettable Capital Securities | GBP 865 million (EUR 997 million) | 8.250 percent | 6.5 years | 16 September 2032 |
Analyst Conclusions
Management guidance
FY2026 guidance, reaffirmed on 30 July 2026: mid-single-digit percent net revenue growth; a low-single-digit AOI margin; year-on-year improved industrial free cash flow (still negative, and inclusive of approximately €2 billion of reset-related cash payments); a net tariff headwind of €1.0–1.2 billion, revised down from €1.6 billion; capex plus R&D of 6.5–7.0 percent of net revenues; and an H2 weighted toward Q4 following the Q3 summer shutdown. Positive industrial free cash flow is guided for 2027. Long-term: €175 billion of revenue and a 5 percent AOI margin in 2028; €190 billion and 7 percent in 2030; €6 billion of industrial free cash flow in 2030; €6 billion of run-rate cost reduction by 2028.
Consensus
Hold, with a twelve-month target of approximately US$6.88–7.08 — roughly 27–40 percent above the current price, but with unusually wide dispersion (BofA €5.50 Underperform against AlphaValue €6.27 Buy and, earlier, UBS €9.70). Dispersion of this width around a Hold consensus is itself the signal: the market has no settled view on whether the turnaround is real.
Bull case
-
The operating inflection is three quarters old and measurable. Net revenues grew 10 percent in H2 2025, 6 percent in Q1 2026 and 13 percent in Q2 2026. North America moved from a €982 million H1 2025 AOI loss to a €547 million H1 2026 profit — a €1.5 billion swing — on 27 percent higher shipments and 50 basis points of share recovery. Industrial free cash outflow narrowed from €3,005 million to €921 million.
-
The valuation embeds failure. At roughly 0.25–0.3 times book and approximately 0.1 times EV/sales on €153.5 billion of revenue, with €48.4 billion of available liquidity and a €10.0 billion industrial net cash position, the equity is priced for a business that does not recover. Even partial delivery of the 2028 target (€175 billion revenue at a 5 percent margin, implying roughly €8.75 billion of AOI against the €8.6 billion actually achieved in 2024) would represent a very large percentage move from a US$16 billion market capitalisation.
-
The charges were overwhelmingly non-cash and the cash portion is being paid down on schedule. Of €22.2 billion, approximately €6.5 billion is cash over four years; €0.9 billion of the approximately €2 billion 2026 tranche was paid in H1. The balance-sheet damage is done and quantified.
Bear case
-
Europe is not fixed and the fix is politically hard. Enlarged Europe posted an AOI loss in FY2025, H1 2025 and H1 2026, with pricing giving back all volume gains. The remedy — removing more than 800,000 units of capacity — must be executed against French, Italian and Spanish stakeholders and, in Canada, is already producing a federal default notice, a union confrontation and a 20 September 2026 contract expiry.
-
Quality has not visibly improved at the level that matters. Management points to first-month issue reports down more than 50 percent in North America and more than 30 percent in Europe since the start of 2025. Against that: more than 1.3 million Jeeps recalled in June 2026 for fire risk, 955,000 vehicles recalled in August 2026 for a software defect, and a €14.1 billion warranty provision. If the provision proves inadequate, the earnings recovery does not happen.
-
The margin bridge is very steep and back-end loaded. North America must go from a 1.6 percent H1 2026 AOI margin to 8–10 percent by 2030; the group from –0.5 percent in 2025 to 7 percent in 2030. The technologies that are supposed to differentiate the product — STLA Brain, SmartCockpit, AutoDrive — do not launch until 2027 and reach only 35 percent of volume by 2030. Meanwhile the effective tax rate has risen to 35.5 percent, ratings sit one notch above junk with two negative outlooks, and South American share is falling 350 basis points a year in the group's most profitable volume region.
Catalysts and monitorables — next 12 months
| Date or period | Catalyst |
|---|---|
| 20 Sep 2026 | Unifor contract expiry covering Brampton, Windsor and Etobicoke — the Brampton closure/sale question resolves here |
| 28 Oct 2026 | Q3 2026 results — the first test of whether the Q3 shutdown was managed as guided and whether Q4 weighting is credible |
| Q4 2026 | US dealer inventory (management targeted approximately 365,000 units from a June peak of 390,000); European pricing and incentive levels |
| Dec 2026 | Maserati roadmap presentation in Modena — the last unresolved portfolio decision |
| End-2026 | CATL Zaragoza cell production start; Leapmotor B10 assembly start at Zaragoza |
| Ongoing | Tariff developments: reported White House consideration of cutting Canadian auto tariffs from 25 to 15 percent; Mexican USMCA proposals |
| Ongoing | Harman v. Stellantis motion practice; Canadian dispute-resolution outcome |
| Ongoing | Rating agency reviews — S&P and Morningstar DBRS both carry negative outlooks at the investment-grade floor |
| FY2026 results, Feb 2027 | Whether positive industrial free cash flow in 2027 is confirmed |
| Watch item | Any resolution of the reported StarPlus Energy (Samsung SDI) exit |
Analyst verdict
Stellantis is a genuine turnaround with a genuine plan, priced as a distressed asset, and the gap between those three facts is the entire investment question.
What the reset accomplished is real. Management wrote off €25.4 billion in a single year, most of it non-cash, cleaned out an electrification programme built on assumptions that had already failed, suspended the dividend, raised €5 billion of hybrid capital rather than diluting a collapsed equity, and published FaSTLAne 2030 — a plan with named owners, quantified regional margin targets, a €6 billion cost programme and a coherent partnership architecture that substitutes capability for capital in software, autonomy and Chinese-cost BEVs. Three consecutive quarters of revenue growth and a €1.5 billion North American profit swing in H1 2026 say the operating floor has been found.
What it did not accomplish is equally clear. Enlarged Europe still loses money at the AOI line, and the remedy — removing 800,000 units of capacity — runs directly into the union and government confrontation now playing out in Brampton and due to be tested at the 20 September contract expiry. South American share is falling three and a half points a year in the group's most profitable volume market. And the quality problem that produced a €14.1 billion warranty provision has produced two more mass recalls since June 2026, which is the single most important reason to doubt the pricing power the 2030 margin target assumes.
At roughly 0.25 times book with €10.0 billion of industrial net cash, the equity does not need the plan to work — only for it not to fail. That asymmetry is attractive. But the path from a 2.1 percent H1 2026 margin to 7 percent in 2030 runs through a warranty provision of uncertain adequacy, a European restructuring of uncertain deliverability, and a technology stack that does not arrive until 2027. Rated a genuine option, not yet a thesis.
End of dossier.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | On board since | Committee roles | Selected background |
|---|---|---|---|---|
John Elkann | Chairman, Executive Director | 17 Jan 2021 | — | Chairman of Fiat S.p.A. from 2010, board member from 1997; founded Exor in 2009; Chair of Ferrari since 2018; founder and chair of Lingotto (2023); board member of Meta; trustee of MoMA; chairs the Agnelli Foundation. Engineering degree, Politecnico di Torino. Re-elected for a two-year term |
Antonio Filosa | Chief Executive Officer, Executive Director | 18 Jul 2025 (CEO from 23 Jun 2025) | — | Joined Fiat Group 1999; plant manager Betim (Brazil); Head of Purchasing Latin America; Head of Argentina (2016); Head of Alfa Romeo and Maserati Latin America (2018); COO FCA Latin America; CEO of the Jeep brand; head of Global Quality; also retains responsibility for North America and the American brands. MSc Engineering, Politecnico di Milano; EMBA, Fundação Dom Cabral |
Robert Peugeot | Vice Chairman, Non-Executive Director | 17 Jan 2021 | Remuneration | Born 1950. Chairman of Peugeot Invest; former VP Innovation and Quality at PSA (1998–2007); director of Safran, Sofina, Tikehau Capital Advisors, Faurecia (via Peugeot 1810). École Centrale de Paris; INSEAD. Nominated by Établissements Peugeot Frères / Peugeot Invest |
Henri de Castries | Senior Independent Director; Chair of the Board | 17 Jan 2021 | Chair, ESG; member, Audit; member, Remuneration | Born 1954. Chairman of the AXA Management Board from 2000, Chairman and CEO 2010–2016; former Vice-Chairman of Nestlé; currently Chairman of Europe and Senior Advisor at General Atlantic, and Lead Independent Director of LVMH. HEC; ENA |
Fiona Clare Cicconi | Non-Executive Director | 17 Jan 2021 | Chair, Remuneration; member, ESG | Born London 1966. Chief People Officer at Google since January 2021; previously EVP and CHRO at AstraZeneca (2014–2020); earlier at GE, Cisco and Roche |
Nicolas Dufourcq | Non-Executive Director | 17 Jan 2021 | ESG | Born 1963. CEO of Bpifrance since 2013; formerly CFO and Deputy CEO of Capgemini (2004–2013); founder and CEO of Wanadoo. Vice-Chairman of the supervisory board of STMicroelectronics. HEC; ENA |
Juergen Esser | Non-Executive Director | 14 Apr 2026 | Audit | Born Germany 1971. Deputy CEO and Chief Financial, Technology & Data Officer of Danone since 2023; CFO from 2020; began at PwC Germany in 1997. Chairman of the Livelihoods Carbon Fund since 2021. Diploma in Political Economies, University of Bonn |
Ann Frances Godbehere | Non-Executive Director | 17 Jan 2021 | Chair, Audit | Born Canada 1955. CFO of Swiss Re 2003–2007; interim CFO and executive director of Northern Rock 2008–2009; former NED at Prudential, BAT, UBS AG and Rio Tinto; currently NED of Shell plc |
Claudia Parzani | Non-Executive Director | 16 Apr 2024 | ESG | Born 1971. Italian corporate lawyer; Senior Advisor and former Partner at Linklaters; Chair of Borsa Italiana since 2022; NED at Pirelli & C. |
Daniel Ramot | Non-Executive Director | 15 Apr 2025 | Remuneration | Born Israel 1975. Co-founder and CEO of Via; PhD Neuroscience, Stanford; previously D. E. Shaw Research; Israeli Air Force avionics (1996–2002) |
Benoît Ribadeau-Dumas | Non-Executive Director | 13 Apr 2023 | ESG; Remuneration | Born France 1972. Managing Director at Exor; former Chief of Staff to the French Prime Minister (2017); previously CEO of Thales Underwater Systems, SEVP at CGG, and Zodiac Aerospace management board. École Polytechnique; ENA |
Alice Davey Schroeder | Non-Executive Director | 15 Apr 2025 | Audit | Born Dallas 1956. CPA; Ernst & Young audit staff to 1991; FASB staff 1991–1993; insurance research MD at CIBC Oppenheimer, PaineWebber and Morgan Stanley to 2003; author of The Snowball; director of HSBC North America Holdings and Dakota Gold. MBA/BBA, University of Texas at Austin |
Executive Leadership Team
| Name | Responsibility |
|---|---|
Antonio Filosa | CEO; also North America and American Brands |
Emanuele Cappellano | Enlarged Europe and European Brands; Stellantis Pro One |
Herlander Zola | South America |
Samir Cherfan | Middle East & Africa; Micromobility |
Tianshu Xin | China and Asia-Pacific; CEO of Leapmotor International; COO Stellantis China; Head of the Stellantis-Leapmotor Alliance |
Joao Laranjo | Chief Financial Officer; also Financial Services, M&A and joint ventures; CFO Stellantis North America |
Ned Curic | Product Development & Technology (Chief Engineering and Technology Officer) |
Davide Mele | Product Planning |
Sébastien Jacquet | Quality |
Monica Genovese | Purchasing |
Scott Thiele | Supply Chain; Global AI Transformation Office (added May 2026) |
Francesco Ciancia | Manufacturing |
Xavier Chéreau | Human Resources; Sustainability; IT |
Clara Ingen-Housz | Corporate Affairs & Communications |
Ralph Gilles | Chief Design Officer |
Board & Management Changes
| Date | Change |
|---|---|
1 Dec 2024 | Carlos Tavares resigns as CEO; John Elkann chairs an Interim Executive Committee through H1 2025 |
Early 2025 | Joao Laranjo rejoins Stellantis (from Goodyear) as CFO, succeeding Douglas Ostermann |
23 Jun 2025 | Antonio Filosa named CEO; confirmed as executive director 18 July 2025 |
Jun 2025 | Broad leadership reshuffle: Davide Mele to Product Planning, Sébastien Jacquet to Quality, Scott Thiele to Supply Chain, Alison Jones to Parts & Services |
Oct–Nov 2025 | Emanuele Cappellano to Enlarged Europe and Pro One; Herlander Zola to South America; Francesco Ciancia returns from Mercedes-Benz Vans to lead Manufacturing |
Feb 2025 | Tianshu Xin appointed COO of Stellantis China and Head of the Stellantis-Leapmotor Alliance |
May 2026 | Silvia Vernetti to Joint Ventures and Strategic Plan Implementation; Scott Thiele adds the Global AI Transformation Office; Alison Jones' remit expanded to Customer Journey Excellence and Aftersales |
| 2026 | Pablo Di Si appointed Chief Performance Officer for the Value Creation Program |
Major Shareholders
| Holder | Common shares | Economic stake (percent) | Voting power (percent) |
|---|---|---|---|
Exor N.V. | 449,410,092 | 15.48 | 23.84 |
Établissements Peugeot Frères (via Peugeot Invest / Peugeot 1810) | 224,228,121 | 7.72 | 11.89 |
Bpifrance Participations S.A. | 192,703,907 | 6.64 | 10.22 |
Competitive Landscape
Peer Comparison
| Group | FY2025 global vehicle sales millions |
|---|---|
Toyota Group | 11.32 |
Volkswagen Group | 8.98 |
Hyundai Motor Group | 7.27 |
General Motors | 6.18 |
Stellantis | 5.48 |
BYD | 4.60 |
SAIC Motor | 4.51 |
Ford | 4.40 |
Geely Group | 4.12 |
Honda | 3.46 |
Competitors by Segment
| Segment | Principal competitors |
|---|---|
North America — full-size pickup | Ford (F-Series), General Motors (Silverado/Sierra), Toyota (Tundra), Nissan |
North America — SUV/crossover | Toyota, Honda, General Motors, Ford, Hyundai-Kia, Subaru |
North America — minivan | Toyota (Sienna), Honda (Odyssey), Kia (Carnival) |
Enlarged Europe — B and C segment | Volkswagen Group, Renault Group, Toyota, Hyundai-Kia, Dacia, BYD, MG/SAIC, Leapmotor (partner, not competitor) |
Enlarged Europe — light commercial vehicles | Ford Pro, Volkswagen Commercial Vehicles, Renault Group, Mercedes-Benz Vans, Toyota |
South America | Volkswagen, General Motors, Toyota, Renault, Hyundai, BYD (via Brazilian plant) |
Middle East & Africa | Toyota, Hyundai-Kia, Renault, Volkswagen, Chinese entrants |
Luxury (Maserati) | Porsche, Mercedes-Benz, BMW, Audi, Bentley, Aston Martin |
Autonomy and software | Tesla, Waymo, Mobileye, Xiaomi, BYD, and the Chinese NEV cohort |
Peer Comparison FY2025
| Metric | Stellantis | Ford | General Motors | Volkswagen Group |
|---|---|---|---|---|
FY2025 global unit sales millions | 5.48 | 4.40 | 6.18 | 8.98 |
FY2025 unit sales change percent | 1.3 | -1.7 | 3.0 | -0.5 |
FY2025 net revenues EUR Bn | 153.5 | 0 | 0 | 0 |
FY2025 net result | Loss of EUR 22.3 billion | Net loss reported | — | Net profit sharply reduced |
